Updates with share move and milestones

** Shares of Puig PUIGb.MC fall 14% to €15.15 by 0731 GMT after the Spanish beauty group ended merger talks with Estée Lauder, pushing investor focus back to its standalone growth outlook

** J.P. Morgan says the collapse of the talks removes a possible deal premium and refocused attention on operating trends, with fragrance growth normalising and pressure persisting in the Middle East and travel retail

** Puig reported organic sales growth of 4.7% for Q1 and reiterated its full-year goals in April, but JPM sees a risk of slower growth in coming quarters

** Estée Lauder shares rose more than 10% in extended U.S. trading on Thursday after the announcement

** Puig shares are at their lowest levels since March 23, before the talks were disclosed, and on track for their worst trading day since their 2024 listing if the losses hold

** The stock is the worst performer on the pan-European STOXX 600 index .STOXX